Economist’s theories led to carbon trading

Economist Ronald Coase garnered a Nobel Prize for work that, among other things, provided the intellectual framework for reducing pollution by trading carbon credits instead of enforcing antipollution laws, as well as for auctioning the airwaves for cellphones and pagers.
Mr. Coase, who died Monday at age 102, was one of the most-cited economists of the 20th century. Decrying “blackboard economics” that used formulas to describe what he called an “imaginary” world, the University of Chicago Law School economist tried to describe the actual constraints firms and people face as they make economic decisions………………………………………..Full Article: Source